Refinance Ready? A 10-Question Survey for Homeowners [Quiz]

(Quizzes)

Thinking about refinancing your mortgage? This quick survey can help you determine if it's the right move for you.

Instructions: Answer each question to the best of your ability.

1. Current Interest Rate: What is your current mortgage interest rate?

2. Market Rates: Are you aware of today's average mortgage interest rates for your loan type (e.g., fixed, adjustable)?

3. Monthly Payment Comfort: Do you feel comfortable with your current monthly mortgage payment?

4. Loan Goal:  Are you hoping to lower your monthly payment (reduce term optional), shorten your loan term (reduce interest paid optional), or access cash through a cash-out refinance?

5. Home Equity:  Do you have a significant amount of equity built up in your home (generally 20% or more)?

6. Credit Score:  Do you have good credit (generally above 670) that might qualify you for a better interest rate?

7. Planned Ownership Timeline:  Do you plan to stay in your home for at least several years to recoup the closing costs of refinancing?

8. Upfront Costs:  Are you prepared for the upfront costs associated with refinancing, such as origination fees and appraisal costs?

9. Recent Job Changes:   Have you experienced any recent job changes or income fluctuations that might impact your ability to qualify for a new loan?

10. Financial Stability:  Do you feel financially secure and prepared to handle any unexpected changes in your financial situation?

Rocket Lawyer Services

Results:

• Mostly Yes (7-10):  Refinancing could be a great option for you! Gather quotes from different lenders to compare rates and terms.

• Mostly No (4-6):  Refinancing might not be the best move right now. Consider waiting for a better interest rate environment, improving your credit score, or focusing on paying down your current mortgage.

• Few Yeses (0-3):  Consult with a financial advisor or mortgage professional to discuss your specific situation and explore alternative options.

Remember: This survey is a starting point, and individual circumstances can vary. It's crucial to research rates, terms, and lender options before making a decision.

Are you considering refinancing?

Change Image

• Yes
• No

You Ad Here